Latest Memecoin Scam: Hulk Hogan and $HULK

Famed wrestler Hulk Hogan’s social media account was just used to promote a new cryptocurrency called $HULK, part of a growing trend where celebrities’ online platforms are hijacked to endorse various memecoins.

Multiple posts appeared on Hogan’s verified X account and his official website, claiming that the wrestling legend was endorsing $HULK, a new memecoin. These posts quickly gained traction, causing the value of $HULK to skyrocket as fans and cryptocurrency enthusiasts rushed to invest.

One of the tweets from the account read, “I’m 70 years old and don’t know much about these #cryptocurrencies, but I know how to school these punks with the #PUMP and show them who the real champion is!! $HULK.” Another post added, “Website is #Updated with the $HULK info! I’m all jacked up for tonight!! HH.”

However, it soon became apparent that something was amiss. Among the promotional tweets was a video of Hulk Hogan seemingly endorsing the memecoin, but a closer inspection revealed that the video was actually from December 2023, promoting a karaoke night with no references to cryptocurrency.

The initial surge in $HULK’s value attracted millions of dollars in investment. Yet, as doubts about the legitimacy of the endorsement grew, the value of the token plummeted. Investors, realizing they had been duped, began selling off their holdings, leading to a massive dump in the token’s value.

Shortly after the alleged fraudulent posts, Hogan’s accounts posted a clarification, stating, “Hello Family, Appreciate your love and support always. Please do not take notice of any posts posted today. They are not from me and will be promptly removed. Thank you, Hulk.”

This statement was further reinforced by the deletion of all previous posts related to $HULK, leaving the wrestling icon’s followers in confusion and anger over the scam.

The token’s price surged to $0.05 following a series of social media posts attributed to Hogan endorsing the coin. The price then plummeted to $0.005 after Hogan’s official clarification that the endorsements were not from him and that his accounts had been compromised.

This follows fellow wrestling star Ric Flair unveiling the WOOOOO! coin earlier this year, aiming to capitalize on the viral success of meme coins. The coin is positioned as a “commemorative token” for Flair’s devoted fans, translating his bombastic personality into the world of cryptocurrency. As such, the website displays a disclaimer saying that the coin “is designed as a commemorative token for the sake of nostalgia and hence, is intrinsically useless.” It added that the meme project is for entertainment purposes only and should not be viewed as an investment.

In September 2021, fellow wrestler from the promotion WWE John Cena launched a series of NFTs (non-fungible tokens) in collaboration with the company. Despite the initial hype, Cena later admitted the initiative was a “catastrophic failure,” with only a small fraction of the NFTs sold.

Information for this story was found via the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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